We remain vigilant for signs of a weakening consumer given Fed tightening and the age of the current expansion. However, solid employment growth, high household net worth, favorable consumer credit conditions, and consistent discretionary spending make it difficult for us to get too bearish. Lack of attractive areas outside of consumer spending such as commodities and business and government spending, makes the consumer attractive on a relative basis. We cannot yet say we are in a late-cycle, bearish consumer period.
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